First Financial Bankshares, Inc. (FFIN) Shares Sold by ProShare Advisors LLC
ProShare Advisors LLC trimmed its holdings in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 14.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,951 shares of the bank’s stock after selling 2,758 shares during the quarter. ProShare Advisors LLC’s holdings in First Financial Bankshares were worth $749,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Financial Bankshares by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,309 shares of the bank’s stock worth $102,000 after acquiring an additional 239 shares during the period. LS Investment Advisors LLC boosted its position in First Financial Bankshares by 20.6% in the first quarter. LS Investment Advisors LLC now owns 3,020 shares of the bank’s stock worth $121,000 after purchasing an additional 516 shares during the last quarter. Victory Capital Management Inc. boosted its position in First Financial Bankshares by 26.8% in the first quarter. Victory Capital Management Inc. now owns 3,520 shares of the bank’s stock worth $141,000 after purchasing an additional 743 shares during the last quarter. Riverhead Capital Management LLC grew its stake in First Financial Bankshares by 63.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,593 shares of the bank’s stock valued at $159,000 after purchasing an additional 1,393 shares during the period. Finally, FCA Corp TX bought a new position in First Financial Bankshares in the 2nd quarter valued at $213,000. Institutional investors and hedge funds own 50.12% of the company’s stock.
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Shares of First Financial Bankshares, Inc. (NASDAQ FFIN) opened at 45.95 on Tuesday. The stock’s 50 day moving average is $41.01 and its 200 day moving average is $40.94. First Financial Bankshares, Inc. has a 52 week low of $35.05 and a 52 week high of $46.70. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 28.33 and a beta of 1.38.
First Financial Bankshares (NASDAQ:FFIN) last issued its earnings results on Thursday, July 20th. The bank reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. The business had revenue of $82.25 million during the quarter, compared to analyst estimates of $87.11 million. First Financial Bankshares had a return on equity of 12.41% and a net margin of 33.03%. First Financial Bankshares’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. On average, equities analysts forecast that First Financial Bankshares, Inc. will post $1.70 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a $0.19 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.65%. First Financial Bankshares’s dividend payout ratio is presently 46.91%.
First Financial Bankshares announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 25th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on FFIN. Zacks Investment Research raised First Financial Bankshares from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Wednesday, August 23rd. Piper Jaffray Companies reiterated a “hold” rating and set a $41.00 target price on shares of First Financial Bankshares in a research note on Friday, September 1st. Finally, BidaskClub downgraded shares of First Financial Bankshares from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.80.
First Financial Bankshares Company Profile
First Financial Bankshares, Inc is a financial holding company. The Company, through its subsidiaries, conducts commercial banking business. As of December 31, 2016, the Company’s subsidiaries included First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc, Abilene, Texas; First Financial Trust & Asset Management Company, National Association, Abilene, Texas; First Financial Investments, Inc, Abilene, Texas, and First Financial Insurance Agency, Inc, Abilene, Texas.
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